In other news, the SEC issued a Litigation Release in which it announced that it obtained an order temporarily restraining Lambert Vander Tuig, The Carolina Development Company, Inc. (Carolina Company) and Jonathan Carmen "from making unregistered fraudulent offers, sales and purchases of securities in connection with an offering in Carolina Company." According to the SEC's complaint, defendants fraudulently obtained $30 million in investments.
The SEC also announced that it sought and obtained a restraining order against Tropical Village, Inc., Clarity Development Corporation, Senior Adult Living Corporation, and their principal, Patrick Kirkland. According to Litigation Release No. 19570, these defendants raised about $59 million from 115 investors by promising them "exorbitant profits of 23% to 55%." Yeah, like the SEC was going to miss this.
In Litigation Release No. 19571, the SEC announced the filing of a lawsuit against against iBIZ Technology Corp., its CEO Kenneth W. Schilling, its Executive Vice President H. Mark Perkins, and company consultants, Jeffrey Firestone, Jerrold B. McRoberts, and D. Scott Elliott. The complaint charges defendants with, among other things, making false and misleading statements in press releases, online interviews, investor correspondence, proxy solicitations, and Commission filings and engaging in a scheme to raise money for themselves by using Form S-8 registrations statements.
For more on some these stories, check out White Collar Crime Prof Blog.
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As an investor of the Carolina Development Co., which was taken over by the SEC, what options/chance do I have of getting my investment returned? I have contacted the reciever. The company and their accountant state SEC was premature is the seizure. I dont belive this and am embarrassed I fell for this scam. Can anyone advise?
Posted by: Steve | February 20, 2006 11:33 AM | Permalink to Comment